Ethereum Price Prediction: ETH Struggling To Stay Above $2600 

Daily Ethereum ETH Technical Analysis

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Last Updated March 1st 2022
3 Min Read
  • The Ethereum price is marginally up during the ongoing session, as buyers and sellers struggle to establish control. 
  • ETH had ended the weekend on a very bearish note, dropping by nearly 6% on Sunday. 

The Ethereum price is marginally up during the ongoing session, as ETH looks to start the week on a positive note after a bearish weekend that drove the price down significantly. ETH had registered a marginal increase on Thursday, rising by 0.72% before surging on Friday, pushing up by nearly 7% and moving to $2769. The weekend saw ETH register a marginal increase on Saturday before dropping significantly on Sunday and ending the weekend at $2618.

Ethereum Price Chart Indicates Buyers And Sellers Struggling To Establish Control 

The Ethereum price was quite bearish over the previous weekend, registering a marginal drop on Saturday and then falling by over 5% on Sunday, ending the weekend at $2621. Monday saw ETH remain in the red, as the price fell by 1.98%, dropping below the $2600 level and falling to $2569. Despite the bearish sentiment, ETH registered a recovery on Tuesday, rising by nearly 3%, and pushing up to $2638. However, the price was back in the red on Wednesday, falling by over 2% and settling at $2579.

Image: ETH/USD daily

ETH/USD daily chart 030122

The Ethereum price registered a highly volatile session on Thursday as ETH pushed up marginally. Friday saw the price surge, as ETH rose by almost 7%, rising to $2769, and then registering a marginal increase on Saturday, pushing up by 0.41% and moving to $2780. However, the price fell back in the red on Sunday, falling by nearly 6% and settling at $2618, before registering a marginal increase during the ongoing session.

We can see that the MACD is currently bearish, but if ETH can push higher, we could see it flip to bullish.

Looking at IntoTheBlock’s IOMAP for the Ethereum price, we can see that ETH has strong support at around $2270. At this price level, over 407,000 addresses have bought more than 11 million ETH. ETH also faces resistance at $2749, where over 889,000 addresses have sold more than 10 million ETH.

Image: IntoTheBlock

ETH/USD volume chart 030122

More On Ethereum: Is Ethereum (ETH) Worth Buying In 2022?

The 4-hour Ethereum price chart shows us that ETH had pushed up to $2689 on the 23rd. The price fell back after reaching this level, dropping back below the 20-bar SMA and falling to $2369. ETH made a strong recovery after dropping to this level, going back past the 20-bar SMA and rising to $2599 on the 24th. The price continued to push higher from this level, moving past the 50-bar SMA and rising to $2796. At this level, the 200-bar SMA was acting as resistance, and ETH was unable to move past, dropping to $2718 on the 27th before recovering and rising to $2822. However, ETH fell back significantly after reaching this level and dropped back below the 20 and 50-bar SMAs to its current level of $2635.

We can see that the MACD and Parabolic SAR are bearish, indicating that we could see the price drop.

Image: ETH/USD 4-hour

ETH/USD 4-hour chart 030122

Ethereum Price Is Expected To Reach These Levels

Looking at the Ethereum price chart, we see that ETH is marginally up during the current session after a significant drop on Sunday. If buyers are able to retain the session, ETH could push towards $2700. However, if bearish sentiment drives the price down, ETH could drop below $2600.

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